Telegram integrates self-custodial crypto wallet for 800 million users, TON ralllies 14% News ▸ TON ▸ Technology
Telegram integrates self-custodial crypto wallet for 800 million users, TON ralllies 14%
Telegram is the world's fourth most popular messaging application.
2 min read
Updated: Sep. 19, 2023 at 3:00 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Telegram has incorporated a self-custodial crypto wallet based on The Open Network (TON) for its over 800 million active monthly users, according to a Sept. 13 statement shared with CryptoSlate.
The wallet, known as TON Space, brings digital ownership on the blockchain to the messaging application. The feature will be accessible to all Telegram Wallet users via their application Menu button starting today. It will be rolled out globally for users outside the United States by November.
Telegram is the world’s fourth most popular messaging application, behind only WeChat, Whatsapp and Facebook Messenger. The application is one of the most popular web2 applications in the crypto industry.
TON Foundation told CryptoSlate that Telegram would give the Foundation, its projects, and its partners priority access to run advertisements about cryptocurrency on the platform via its global advertising platform, Telegram Ads.
The Foundation added that this is part of Telegram’s plan to integrate and promote a TON-based Web3 ecosystem.
Telegram’s chief investment officer, John Hyman, said:
“Telegram’s mission has always been to enable freedom of speech, but speech is so much more in this digital age. We believe users have the right to own their identities and assets.
With TON Space, users now have the technology to make that convenient. With this partnership, we are putting digital ownership rights in the hands of our entire user base. While also giving TON projects the tools to reach our audience in the largest Web3/Web2 partnership there has ever been.”
Following the news, TON’s price jumped by nearly 14% to $1.93082 as of press time, according to CryptoSlate’s data. The digital asset’s price has soared by more than 300% during the second half of the year despite the current bear sentiments in the market.
Telegram had previously stopped working on TON after the U.S. Securities and Exchange Commission (SEC) sued the firm for raising $1.7 billion via an initial coin offering. However, the project was later revived with community assistance in 2020.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Telegram Open Network
Launched in 2018, this cryptocurrency is based on multi-blockchain Proof-of-Stake system – TON (Telegram Open Network, after 2021 The Open Network) – designed to host a new generation of cryptocurrencies and decentralized applications.